Today marks the next stage of Symantec and Veritas becoming individual companies controlling their own destinies. We have reached a definitive agreement to sell Veritas to a group of investors led by The Carlyle Group, together with GIC, Singapore’s sovereign wealth fund, and other expected co-investors, for $8 billion. When the transaction closes at the end of the year, both companies will have stronger foundations to accelerate the execution of their strategies and to better address the different competitive opportunities each business faces.
Since we announced our intention to separate Symantec into two focused, industry-leading technology companies last October, we've been working continuously to prepare both Symantec and Veritas for their future as two independent businesses. While the sale of Veritas to The Carlyle Group will result in a different ownership outcome than a public spin, we still have the same intent: creating two standalone businesses that will both win in their respective markets.
Each company will build on its unique strengths and assets. As the world's largest cybersecurity company, millions of people, businesses and governments already rely on Symantec to keep them safe online or stop attackers from stealing valuable information. As a trusted brand, Veritas will continue to provide next-generation information management solutions to serve the world's largest and most complex environments.
Through the separation process, we've already begun to see evidence that renewed focus will allow each company to realize its full potential. But we have only scratched the surface of what we can do. Both companies will expand their offerings and give their customers and partners the tools they need to achieve greater success, while growing their respective businesses.
I couldn't be more excited about the possibilities ahead.
